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FORD CREDIT REPORTS RECORD FIRST QUARTER

 DEARBORN, Mich., April 28 /PRNewswire/ -- Ford Motor Credit Company's net income for the first quarter of 1993 was $315 million, Chairman William E. Odom and President Edsel B. Ford II announced today. Ford Credit's net income was $108 million higher than the same period last year, excluding a one-time net gain from the adoption of new accounting standards in 1992. Excluding the accounting standards change, net income was a record for any quarter.
 Compared with 1992, the earnings improvement reflected higher levels of earning assets, lower credit losses, higher net interest margins and a gain on a sale of receivables. Ford Credit's net average cost of borrowings in the United States declined to 5.6 percent from 7.1 percent in the first quarter of 1992. At March 31, Ford Credit's total gross finance receivables and net investment in operating leases were $61.6 billion compared with $56.4 billion a year earlier.
 "This quarter included a significant gain for a sale of receivables, which, of course, will not necessarily occur in every quarter," Mr. Odom said. "However, our results would have been a record even without the receivables sale, and indications are that 1993 will be another strong year for Ford Credit."
 During the first quarter, Ford Credit provided retail financing for 498,000 new and used vehicles sold in the United States, up 24 percent from a year ago. The company financed 39 percent of the new vehicles sold by Ford and Lincoln-Mercury dealers in the United States, an increase of 3 percentage points from the first quarter of 1992. It also provided wholesale financing for 79 percent of Ford Motor Company sales to U.S. car and truck dealers, up 3 percentage points from a year ago.
 "The increases in first quarter market share and receivables reflect our efforts to provide customers with attractive programs at competitive rates, as well as improvements in the economy," Mr. Ford noted. "Our Red Carpet Lease program is the best in the business and a major reason for the increase in volume."
 Ford Credit provides vehicle financing for more than 6,000 Ford, Lincoln-Mercury, Ford Truck and affiliated automotive dealers, and for 4.7 million retail customers in the United States, Puerto Rico, Canada and Australia. The company provides vehicle financing for non-Ford dealers, including private-label arrangements with Jaguar and Mazda, through PRIMUS Automotive Financial Services, Inc., a wholly owned subsidiary. Ford Credit also is a joint owner in Ford New Holland Credit, which provides financial services for tractor and equipment dealers in the United States, Canada and Australia. In addition, it directs the activities of the international vehicle financing affiliates of Ford Motor Company in 19 other countries, and it manages the insurance businesses of The American Road Insurance Company.
 Ford Credit is a wholly owned subsidiary of Ford Motor Company (NYSE: F) and is part of Ford's Financial Services Group.
 -0- 4/28/93
 /CONTACT: Nick Sharkey of Ford Motor Credit Company, 313-594-1096/
 (F)


CO: Ford Motor Credit Company ST: Michigan IN: FIN AUT SU: ERN

DH-ML -- DE006 -- 1783 04/28/93 08:37 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:516
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